WHY YOU MIGHT NEED IT
Version control might be interesting for web developers and designers who create complex designs for their customers and want to enable the client to manage their site themselves. In these cases it is always good to be able to restore a previous version of an article in case the customer messed with the design.
With the introduction of ACL in version 1.6 Joomla has become more suitable for collaborative work in larger teams. The introduction of the smart search feature is the reason that Joomla is more and more used for knowledge management purposes. But managing knowledge and information requires security mechanisms for data not being accidentally deleted or changed by the users. This is not only important for data security but helps increasing user engagement at your site. Only if users can be sure that they don't accidentally mess up anything, they are willing to contribute their knowledge to the system.
HOW DOES IT WORK?
GENOVA version conrol works very similarly to the revisions management we know from Wikipedia. After you installed the component and enabled the neccessary plugins, every change you make to an article is stored as a new revision. You then have the oportunity to compare and restore all revisions that have been made to a particlular content item. Even if you restore a particular revision of the past, all the other revisions are NOT lost. The restored revision becomes a new content revision and is added to the top of the stack. This means, that you can securely change and restore articles as you wish, without the fear of loosing information.
WORKS ON THE FRONTEND
Managing revisions works on the frontend as well. You need to set the access level in the parameters of the GENOVA Version Control Content Plugin (!), so the extension knows, which users are allowed to see the revisions.